South Korea's central bank governor nominee: CBDC and deposit tokens should become the core of the digital currency ecosystem

Breaking news from Mars Finance, according to the Korean Yonhap News Agency, South Korea’s central bank governor nominee Shin Hyun-sung stated in a written response at the parliamentary hearing that central bank digital currencies (CBDCs) and commercial bank deposit tokens based on their issuance should become the core of the digital currency ecosystem. Shin Hyun-sung expressed general support for the introduction of the Korean won stablecoin but emphasized that maintaining trust in the currency is the most important. Regarding the issuer of the Korean won stablecoin, he believes that South Korea is not a reserve currency country, and compliance capability is crucial, so he recommends prioritizing bank-centered alliance issuance, allowing non-bank institutions to participate, and gradually expanding later. Shin Hyun-sung is cautious about claims that stablecoins can improve foreign exchange trading efficiency, believing that whether blockchain can comply with capital and foreign exchange regulations remains unclear. He also stated that including stablecoins, crypto assets have failed to meet core monetary functions such as a measure of value, medium of exchange, and store of value, and he believes that crypto assets cannot replace fiat currency.